As we move in to 2018, now is the critical time to start planning for the year. Some of the most overlooked basics for a successful practice owner are estate planning and risk management.
Statistically, a practice will lose 25% to 35% per month if the owner of the practice passes away. Without proper planning, that could be devastating.
For an owner of a practice, the laws are constantly changing. If you fail to have your human resources (i.e. employee protocols) and compliance matter (HIPAA, OSHA, and Department of Labor) properly in place, you could suffer a devastating financial loss.
Below is a list of 7 basic considerations that every practice owner should review.
1. Prepare a new comprehensive employee manual (including a social media policy, cell phone and Internet policy), which also includes new overtime regulations.
2. Prepare a new employee package [documents for applications, credit screens, etc…], including employee evaluation and interim employee evaluations.
3. Non-disclosure and non-solicitation agreement signed by every employee [and a non-compete signed by key employee, associates and independent contractors]
4. Website and social media disclaimers/privacy terms.
5. Intellectual Property (IP) protection (protect your name, logos, slogans) (trademark/service marks filed with the U.S. Patent and Trademark Office].
6. Assignment of website design as to your practice Intellectual Property [from your web designer to you].
7. Estate Planning (Wills, trusts, etc…) for each member.